Business Plan Help Needed - DPChallenge Forums

Nikon AF-S DX Zoom-Nikkor 18-55mm f/3.5-5.6 ED

05/17/2006 01:56:01 PM · #1

Okay, for a $4000 competition, I have to create a business plan. I could really use this money to pay for art school since there aren't very many scholarships available for that. I'm pretty much floundering here. It has to be done by May. 26, and I just found out about it. I think I can get it done if I work really hard though. Okay, have any of you done any business plans? Can you offer any tips?

The information I'm given is this:

Application Procedure
Include the following information with your application:
1. Full contact information including name, mailing address, contact phone
number, and email address.
2. Submit a Business Plan including at least the following elements:
a. Title page
b. Table of contents
c. Executive summary
d. Body of the plan
i. Business description
ii. Market analysis
iii. Marketing plan
iv. Production/Operations plan
v. Implementation plan
vi. Development plan
vii. Management team
viii. Financial plan including the following:
1. Start-up costs
2. Anticipated sources of funding for start-up costs
3. Opening balance sheet
ix. Set of 3-year financial statements, including:
1. Annual income statements, cash flow and balance
sheets
2. Monthly income statements & cash flow for the 1st
year
e. Appendices including any detailed product description or marketing
material
Judging Criteria
The proposals will be evaluated according to the following criteria:
1. How well the plan covers the set criteria
2. Quality of the business plan;
3. Commercial feasibility of the project;
4. Financial consideration of the business plan
5. Demonstrated business and management abilities
All entries will be judged on the written component, and the top five finalists will
be asked to give a 20 â�� 30 minute presentation in front of the judging panel.

Alot of those things I don't really know what are or what to include. I'd appreciate any websites you know of with accurate information that could explain things as well.

Help me please!

Message edited by author 2006-05-17 13:56:39.

Apple iPhone 5

05/17/2006 01:58:49 PM · #2

What is the business?

05/17/2006 02:01:17 PM · #3

So you need is a business Idea? i mean it is not clear what are you expecting.

05/17/2006 02:01:48 PM · #4

I've done a few, not anything real, but I've done a few mock business plans for competitions and won 3 times. What specific help do you need?

05/17/2006 02:03:37 PM · #5

I'm thinking a photography business. This could include portraiture for weddings, grads, family photos, etc. As well as macro stock, although I don't know if I would work that into a business plan with the portraiture. Oh I don't know what to put into it. I'm so lost. : (

I've never been one to ever consider just doing one thing, it's always been a mismatched plethora of things I'd like to do.

Would you do a business plan including work for magazines and the like as well as a website and selling prints? Would that just be extra stuff not included in the actual business?

Eit: I think I do really need a clear business idea/goal type thing.

Message edited by author 2006-05-17 14:04:24.

Sony 24-70mm F4 Vario-Tessar T* FE OSS

05/17/2006 02:05:40 PM · #6

Well, if the website and prints are going to be sold under the name of the business and account for income of the business, they should be included in the plan as they are a means of earning money. The work for magazines can also be part of the plan, it doesn't have to be only one source of income.

Edit to add: If I was at home, i could scan in all the business plan sheets that I did and send them to you. But I'm at school until May 27th, so a little late.

Message edited by author 2006-05-17 14:06:52.

Bear_Music

Samsung Galaxy S24 Ultra

05/17/2006 02:07:30 PM · #7

You can start here: //www.planware.org/bizplan.htm

There are many resources on the net to help with writing a business plan; google "business plan writing" and see a whole bunch of them :-)

R.

05/17/2006 02:09:00 PM · #8

So basically speaking you need help to write a business plan for a Photography Business as per compeition format.

Lytro Illum Light Field Digital

05/17/2006 02:14:02 PM · #9

Thanks guys for your help so far.

Okay, I think I want to narrow my idea down to a website based portraiture photography company. To make it stand out from the regular photo places around here, I want to offer services more like this. I love that she still uses film and develops and edits it herself, also that she handpaints the colours onto them as well. I think that would make a more noticeable idea for the competition, and I can use sites like hers to do market analysis.

Edit: also does anyone know of any similar sites as footprints?

Message edited by author 2006-05-17 14:17:38.

yakatme

Nikon AF-S Nikkor 17-35mm f/2.8D IF-ED

05/17/2006 02:16:26 PM · #10

There is a wealth of information in each of these two threads:

Business of Photography - Group 1
//www.dpchallenge.com/forum.php?action=read&FORUM_THREAD_ID=325315

Business of Photography - Group 2
//www.dpchallenge.com/forum.php?action=read&FORUM_THREAD_ID=326740

05/17/2006 02:18:12 PM · #11

Fix Aim first rule of the War

Your aim is to win this competition. Samdoe1 wrote he won three competition, so ask him did he win them because he had innovative business idea? or way he presented his business plan

Message edited by author 2006-05-17 14:18:46.

05/17/2006 02:25:05 PM · #12

Originally posted by General:

It is both. You have to have something people want, and show that you want to give it to them. You have to show that there is a market for what you're selling and that you can sell it to that market. You also have to have confidence and plenty of ideas. I'm not sure how many people are entering this, but every competition I was in, they were team competitions by the way, we had a little less than 2 days to complete the plan and present on the third. We had a team of about 10-12 people each time and there were about 20 teams per competition. The way we did it was to break down the plan into three groups: Marketing, operations, and finance. This helped out quite a bit with the organization aspect of getting stuff done in time and keeping things on track.

smilebig4me1x

05/17/2006 02:38:18 PM · #13

I have filled out one of these myself for hubbys tattoo/piercing shop but nerver turned it in(dontknow why he didnt after i did all the work on it) but I suggest you find out if theres a small business office in the building or one close. they have a sample business plan that they give to everyone and Im sure they wouldnt have a problem giving one to you. I found the sample to be a huge help. the biggest part of filling out a plan is doing all your research first. It helps if you know the exact(or close enough) costs of say what each print will cost you,then what each print will cost the client then what your profit will be. The part of "estimating" what your bus. will profit for the first 3 years is basicaly just a guessing game but be sure to have minimun profits scheduled the first year then increase profits each year after that. No bus. ever has a huge profit the first year out.thats why the govt gives you 7 years of claiming a loss on a buss.

You first need to research possiable local competition, what services do they offer and at what costs. how will your costs and services differ from theres and what can you offer clients that the other company's dont. If you use the "internet only business" idea that will greatly increase your competition and possiably make your business not prosper as easily. I would write it with local "competition" as my research. start with the closest one to your location and move out from there.I would include that services will also be available online(internet) that may be something local photographers dont offer and could be something to play off of as an extra service....

I will leave u with this much for now...just ask any other questions when your ready, Ill be watching this thread so i can help asap.
~~Cher~~ :o)

05/17/2006 02:44:46 PM · #14

What smilebig4me1x said is exactly right. In addition to the costs of making the prints, you also need to factor in the cost of equipment, a studio, and anything else that you may want to put into this business. Do you want to buy all of this up front? Do you want to rent it? Do you want to buy some and rent some? It's all up to you in the end, but the idea (as I'm sure you know) is to minimize your expenses and maximize your profits. So you have to figure out all of these costs and find out how you want to spend on each of them. It also helps to figure out how much money you will want to have at the start and then figure out how you want to spend it. I will also watch this thread. If you need any other help, feel free to PM me or IM me on AIM or MSN, my screen names are listed in my profile.

Good luck!

05/17/2006 10:19:31 PM · #15

I had a great business idea for you. I am from India and recently soe one informed me that Photography Studio in USA are outsourcing thw work of restoration and retouching to him via net.

Your business idea can be of a company that accepts these orders in USA via net from various Studios and than sends them to India or say some other country.

I believe in US Studio/ Labs charge alot for retouching and restoring So this is a great plan where you offer them to do same job at cheaper price

05/20/2006 09:00:09 PM · #16

Okay, is Photographic Memory an alright name? (My name is Monica Memory) I know theres been some discussion about names not sounding professional in the forums lately, but I rather like this. The company is trying to be unique and standoutish, not an uptight formal place like the local competitors.

Any suggestions?

Man_Called_Horse

Canon EOS-300D Rebel

05/20/2006 09:04:19 PM · #17

The Small Business Adminitstration has some terrific info for biz plans.

SBA

05/20/2006 09:46:10 PM · #18

Bump.

No thoughts on the name?

smilebig4me1x

05/20/2006 09:49:36 PM · #19

Originally posted by moniepenny:

I would suggest "Memory photography" or "photographic memories" instead.

05/20/2006 09:54:54 PM · #20

Originally posted by smilebig4me1x:

Originally posted by moniepenny:
Okay, is Photographic Memory an alright name? (My name is Monica Memory) I know theres been some discussion about names not sounding professional in the forums lately, but I rather like this. The company is trying to be unique and standoutish, not an uptight formal place like the local competitors.

Any suggestions?

I would suggest "Memory photography" or "photographic memories" instead.

Thanks. I was considering something like photographic memories, but something seemed a little cheesy about it to me, I don't know though, I might consider it. Also I know I don't want any (yournamehere) photography type names because that is the opposite of the type of company I want. Those types come by the bucketload it seems and I always found them uncreative and too safe.

smilebig4me1x